The NAB business confidence survey shows business confidence slipping to -1 in the June quarter, falling three points from the last quarter compared with a long run average of 4. Furthermore, business conditions have fallen to near four year lows at -4, one point below last quarter. Effects of lower interest rates and the recent slide in the Australian dollar do not appear to have taken effect, with the weakest results from mining, manufacturing and retail. Forward demand indicators also weakened, especially in employment conditions and capacity utilisation, supporting NAB's prediction of an August rate cut. (VIEW LINK)
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